We have audited the accompanying standalone
financial statements of Power & Instrumentation
(Gujarat) Limited ("the Company"), which comprise
the Balance Sheet as at 31st March 2025, the Statement
of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the
Statement of Cash Flows for the year ended on that
date and a summary of significant accounting policies
and other explanatory information (hereinafter
referred to as the "standalone financial statements").

In our opinion and to the best of our information
and according to the explanations given to us, the
aforesaid standalone Ind AS financial statements give
the information required by the Companies Act, 2013
(the "Act") in the manner so required and give a true
and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read
with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, ("Ind AS") and other
accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31, 2025
and its profit, total comprehensive income, changes in
equity and its cash flows for the year ended on that
date.

Basis of Opinion

We conducted our audit of the standalone Ind AS
financial statements in accordance with the Standards
on Auditing specified under Section 143(10) of the Act.
Our responsibility under those Standards is further
described in Auditor's Responsibility for the Audit of the

standalone financial statements section of our report.
We are independent of the company in accordance
with the code of ethics issued by ICAI together with
the independence requirement that is relevant to our
audit of standalone financial statements under the
provisions of the Act and the rule made there, and
we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI's
Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide
a basis for our audit opinion on the standalone financial
statements.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgement, were of most significance in
our audit of the financial statements of the current
period. These matters were addressed in the context of
our audit, of the financial statements as a whole, and
in forming our opinion thereon, and we do not provide
a separate opinion, on these matters.

We have determined the matters described below to
be the key audit matters to be communicated in our
report.

We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the financial
statements section of our report, including in relation
to these matters. Accordingly, our audit included the
performance of procedures designed to respond to
our assessment of the risks of material misstatement
of the financial statements. The results of our audit
procedures, including the procedures performed
to address the matters below, provide the basis for
our audit opinion on the accompanying financial
statements.

Other Matter (OM)

The Company is into highly technical business field
and inventory is being managed at various locations.
The final value of the inventory has been calculated
& certified by the management only being highly
technical in nature due to various types, size, grade
& other bifurcation. Hence we have not been able to
cross confirm the same.

Our opinion is not modified in respect of this matter.
Other Information

The company's management and board of directors
are responsible for the other information. The other
information comprises Board's Report on corporate
governance and Business Responsibility report but
does not include the consolidated financial statements,
standalone financial statement and auditor's report
thereon.

Our opinion on the standalone financial statement
does not cover the other information and we will not
express any form of assurance conclusion thereon.

In connection with our audit of standalone financial
statements, our responsibility is to read the other
information identified above when it becomes
available and, in doing so, consider whether the
other information is materially inconsistent with the
standalone financial statements or our knowledge
obtained during the course of our audit procedures or
otherwise appear to be materially misstated.

When we read the Company's Board report, if we
conclude that there is a material misstatement therein,
we are required to communicate the matter to those
charged with governance and take necessary actions,
as applicable under the relevant laws and regulations.

Management's and Board of Directors' Responsibilities
for the Standalone Financial Statements

The Company's Management and Board of Directors
is responsible for the matters stated in Section 134 (5)
of the Companies Act, 2013 ("the Act") with respect to
the preparation of these standalone Ind AS financial
statements that give a true and fair view of the state of
affairs, Profit (including other comprehensive income),
changes in equity and cash flows of the Company in
accordance with the accounting principles generally
accepted in India, including the Indian Accounting
Standards (Ind AS) prescribed under section 133 of the
Act.

This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments
and estimates that are reasonable and prudent;
and design, implementation and maintenance
of adequate internal financial controls that were
operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to
the preparation and presentation of the standalone Ind
AS financial statements that give a true and fair view
and are free from material misstatement, whether due
to fraud or error.

In preparing the financial statements, management
is responsible for assessing the Company's ability to
continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going
concern basis of accounting unless management
either intends to liquidate the Company or to cease
operations or has no realistic alternative but to do so.

The Board of directors is also responsible for overseeing
the company's financial reporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance
about whether standalone financial statements as a
whole are free from material misstatement, whether
due to fraud or error and to issue an auditor's report
that includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee
that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in aggregate,
they could reasonably be expected to influence the
economic decision of users taken on the basis of these
standalone financial statements.

As a part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risk of material misstatement
of the standalone financial statements, whether
due to fraud or error, design and perform audit
procedure responsive to those risks, and obtain
evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from

fraud is higher than the one resulting from error,
as fraud may involve collusion, forgery, intentional,
omission, misrepresentation, or the override of
internal control.

• Obtain an understanding of internal financial
control relevant to the audit in order to design
audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing our opinion
on whether the company has an adequate internal
financial control system in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by the management.

• Conclude on the appropriateness of management's
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether
a material uncertainty exists related to events or
conditions that may cast significant doubt on the
Company's ability to continue as a going concern.
If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor's
report to the related disclosures in the standalone
financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to
the date of our auditor's report. However, future
events or conditions may cause the Company to
cease to continue as a going concern.

• Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the
standalone financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.

Materiality is the magnitude of misstatements in the
standalone financial statements that individually or
in aggregate, make it probable that the economic
decisions of a reasonably knowledgeable user of the
standalone financial statements may be influenced.
We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in
the standalone financial statements.

We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and
to communicate with them all relationships and other
matters that may reasonably be thought to bear on
our independence, and where applicable, related
safeguards.

From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the standalone
financial statements of the current period and are
therefore the key audit matters. We describe these
matters in our auditor's report unless law or regulation
precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that
a matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report)
Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(ll) of the Act,
we give in "Annexure A" a statement on the matters
specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act, we report
that:

a) We have sought and obtained all the information
which to the best of our knowledge and belief
was necessary for the purpose of our audit.

b) In our opinion, proper books of account as
required by law have been kept by the Company
so far as it appears from our examination of
those books.

c) The Balance Sheet, the Statement of Profit and
Loss, Statement of Changes in Equity and the
Cash Flow Statement dealt with by this Report
are in agreement with the books of account.

d) In our opinion, the aforesaid standalone Ind AS
financial statements comply with the Indian
Accounting Standards prescribed under section
133 of the Act.

e) On the basis of the written representations
received from the directors and taken on record
by the Board of Directors, none of the directors
is disqualified as on 31 March 2025 from being
appointed as a director in terms of Section 164(2)
of the Act;

f) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure B".

g) With respect to the other matters to be included
in the Auditor's Report in accordance with
Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our
information and according to the explanations
given to us:

i. The Company does not have any pending
litigation which would impact its financial
position as at March 31, 2025.

ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses;

iii. There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company.

iv. (a) The Management has represented that,
to the best of its knowledge and belief, no
funds (which are material either individually
or in the aggregate) have been advanced
or loaned or invested (either from borrowed
funds or share premium or any other sources
or kind of funds) by the Company to or in any
other person or entity, including foreign entity
("Intermediaries"), with the understanding,
whether recorded in writing or otherwise,
that the Intermediary shall, whether, directly
or indirectly lend or invest in other persons or
entities identified in any manner whatsoever
by or on behalf of the Company ("Ultimate

Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries;

(b) The Management has represented, that,
to the best of its knowledge and belief, no
funds (which are material either individually
or in the aggregate) have been received
by the Company from any person or entity,
including foreign entity ("Funding Parties"),
with the understanding, whether recorded in
writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest
in other persons or entities identified in any
manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been
considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (i) and (ii)
of Rule 11(e), as provided under (a) and (b)
above, contain any material misstatement.

v. The final dividend paid by the Company
during the year of Rs. 25,26,780/-, in respect
of the same declared for the previous year, is
in accordance with Section 123 of the Act to
the extent it applies to payment of dividend.

vi. Based on our examination, which included
test checks, the company has used
accounting software for maintaining its
books of account for the financial year
ended March 31, 2025 which has a feature
of recording audit trail (edit log) facility and
the same has operated throughout the year
for all the relevant transactions recorded in
the software except that, audit trail feature
was not enabled at database level for
accounting software to log any direct data
changes. Further, during the course of our
audit, we did not come across any instance
of the audit trail feature being tempered
with in respect of such accounting software
where such feature is enabled. Further, the
audit trail for the prior financial year has
been preserved by the Company as per the
statutory requirements for record retention.